Strategic Planning - Essay Example

Extract of sample Strategic Planning

It is therefore needed for the proper programming of work structure and proceeding as it provides a clear formula for the problem solving. Strategic planning gives a new structure and outline for the steps to be undertaken in an organization to prevent any misfortune which might come on the way as they carry out their activities. A good strategic plan is one that can allow for the reengineering of the organization structure to counter react to an emerging issue. The issues that may call for the reengineering of the organization structure include a change in leadership or work policy. Strategic planning is also required for the better coordination of the firm with respect to the expected future losses. For an organization to convince their funders or donors, they need to have a strategic plan for their working. Strategic planning is important in an organization for; fulfillment on the obligations of the policy makers and all other stakeholders, with a strategic plan, ways and means by which the set goals and objectives can be achieved is clearly included. It promotes the decision making process through allowing and accommodating divergent ideas, the most efficient decision made is one that is all inclusive, that is it includes all the stakeholders for its implementation. Different ideas from different personalities create room for a choice of approaches to tackle a problem and therefore a better result is obtained. It also enhances quick response to issues emerging and the spirit to cope with them, resilience and responsiveness in an organization forms a very important aspect as it is healthy for those organizations which can be faced off by the changes occurring in their environment. It promotes mind involvement in the learning and action in respect to the future problems and issues (Langford & Male, 2001). Characteristics Strategic plan results from the active participation of the senior legal officials in assistance with other elected or selected staff members. It calls for open argument of serious matters; this is to be done by the key stakeholders in order to comply with the needs and expectations. This plan also emphasizes on the benefits of having a clearly developed work plan and it also outlines the action to be taken at each stage in the process. It must focus on the current decisions in order to ensure safety in future for the organization, by this it ensures that the firm is favorably placed. Environmental assessment The roles of environmental assessment are; to identify the existing market opportunities including the advantages over their competitors and collaborators, identifying the potential competitors or partners to collaborate with, identifying the market trends and forces to be put into consideration in the business environment. Some of the internal factors that may affect the operation of an organization include; technological advancement where the organization will have to train its employees the new skill required for the running of the firm. A firm using modern technology stands a better chance compared to its competitors who have out dated methods of doing the same duties. The other factor is work force diversity which entails the organization having to deal with issues like ethnic groups in the firm, difference in level of knowledge
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Summary

Strategic planning Name Tutor Institution Subject Code Introduction Strategic planning is a formulated approach which is sequentially made aimed at creating and upholding favorable and appropriate ground for operation. It involves leaders and variable ideas to be applied on procedural activities to contribute to success…

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The use of SWOT analysis is widespread and useful in this context. SWOT analysis helps in strategic planning process by analyzing the business’s success factors, its weaknesses and provides an insight to the opportunities and threats that are prevalent in the industry that it works in.

On the one hand, it has to be in an attractive industry; and on the other hand, it has to strive for maintaining a considerable position in the industry. According to Porter (as cited in Eldering, 2009, p. 6), competitive strategy is the search for a favorable competitive position in the industry; and a firm can improve it depending on a firm’s choice of strategy.

It is the manager’s responsibility to ensure that the strategic planning of the firm is consistent with the needs of the market and the future expectations of demand from the consumer. The difference between strategic planning and planning is accounting for competitor trends and future demand and planning a strategy that is consistent with it.

1.1. General Environment This environment entails the patterns in the wider society, which influences the banking industry, and especially Wells Fargo Bank. In this case, this environment has seven main segments, which include demographics, economic, political/legal, social cultural, technological, global, and physical environment patterns (Ireland el at, 2009).

r that the capital projects involve high levels of investments and these are mainly used for acquiring asses and also to assist the company increase the size of its operations. The investments that are made have a major affect on the company and the operations of the company.

determination of the long-term goals and objectives, determining the allocation of resources and course of action, Andrews finds that the patterns of decision taken by the company produces the plans and policies to achieve its goals. Hofer and Schendel define it as the pattern

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The three C’s i.e. collaboration, cooperation, and coordination play a very important role in the process of strategic planning. Strategic planning is based on consulting the right sources of information at the right time.

2 pages (500 words)Essay

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